Connecticut Real Estate | Homes for Sale

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Milford's Real Estate Expert

Attention:

There Is No National Real Estate Market…

Only Local Markets!

The media would like you to believe there is one national real estate market, just like the stock market.  They could not be more wrong! 

Each town is its own local real estate market.  Yes, the surrounding areas have some affect on us; for example, what happens in New York has an affect on Fairfield County and what happens in Fairfield County has a direct affect on values in Milford.  However, what happens in places such as Florida, Nevada, California, Arizona, and Michigan which have been hit very hard in this real estate correction - some of them down close to 40% - have no affect on us in Milford. 

So when you read that “new home sales are down” or “real estate has another 20% more to drop,” don’t be alarmed.  First, we have very little undeveloped land so “new home sales” are not relevant.  Second, we have not dropped 20% or more like much of the country.  In Milford, we have held our own pretty well, so let’s look at our numbers for single family homes:

                                                Average                                           Median

Year                                        Sales Price                                       Sales Price

2008                                        $365,104                                          $320,000

2007                                        $416,807                                          $350,000

2006                                        $403,722                                          $344,450

2005                                        $392,139                                          $338,000

2004                                        $360,101                                          $300,000

2003                                        $316,362                                          $275,000

2002                                        $260,422                                          $230,000

2001                                        $243,784                                          $205,000

2000                                        $205,845                                          $176,000

                                                Source: Statewide MLS

Our average sales price is down 12.41% and our median sales price (half our number of sales above this dollar value and half below) is down 8.57%.  Therefore, we are back to the second half of the year prices in 2004, which is one statistic that does correspond to the national number from S&P/Case-Shiller.

Going forward, it is a great time to be either a first-time buyer or one looking to move up to a new home.  Prices have adjusted significantly and interest rates are phenomenal at around 5%.  I have been serving Milford since 1984 and would be honored to assist you with all your real estate needs.  I look forward to your call!